KARACHI: United Bank Limited (UBL) has posted 42 per cent growth in its profit after tax for nine-month period ended September 30, 2021.
The board of directors of the bank on Wednesday approved the financial results for the period January – September 2021.
The bank declared net profit of Rs21.87 billion for the period under review as compared with Rs15.38 billion in the same period of the last year.
The growth in the net profit can be attributed to reversal of Rs865 million during the period January – September 2021 as compared with write-off provision of Rs15.45 billion in the same period of the last year.
Total income of the bank fell to Rs73.14 billion for the nine-month period ended September 30, 2021 as compared with Rs73.94 billion in the same period of the last year.
Net Interest Income recorded a decline to Rs55.72 billion as compared with Rs59.72 billion. Non-Interest Income of the bank increased to Rs17.42 billion as compared with Rs14.22 billion.
Operating expenses of the bank recorded an increase of Rs33.66 billion as compared with Rs31.76 billion. Whereas the total expenses increased to Rs34.53 billion as compared with Rs32.63 billion.
KARACHI: The US dollar on Wednesday touched a new peak of Rs173.47 in the interbank foreign exchange market. The free-fall in the value of Pak Rupee (PKR) continued as the local unit recorded 10 percent depreciation against dollar since the start of the current fiscal year.
The rupee lost Rs15.93 to the dollar when compared the value of Rs157.54 to dollar on June 30, 2021 with Rs173.47 as on October 20, 2021.
The rupee recorded 69 paisas decline from last trading on Monday October 18, 2021 at Rs172.78 to the dollar in interbank foreign exchange market.
Currency dealers said that the market opened after the public holiday which put pressure on import payment demand. Further, the reports of significant widening in the current account deficit also put pressure on dollar demand.
The current account deficit ballooned to $3.4 billion during July – September 2021 as compared with a surplus of $865 million in the corresponding period of the last fiscal year, according to the State Bank of Pakistan (SBP).
In a communication sent to stock brokers and investors, the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period August 01, 2021 to August 31, 2021, would be collected on Friday October 29, 2021 through respective settling banks of the Clearing Members.
The NCCPL advised all clearing members to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange (PMEX) for the period August 01, 2021 to August 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday October 29, 2021. Necessary details and reports for the said period have already been made available.
Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.
Karachi, October 18, 2021 – The State Bank of Pakistan (SBP) has released the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR) on Monday, October 18, 2021.
Karachi Chamber of Commerce and Industry (KCCI) on Saturday appealed the government to subsidize prices of petroleum products as continuous hike in prices will badly affect business community as well as masses.
Chairman Businessmen Group (BMG) & Former KCCI Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices by Rs10.49 per liter, appealed the Government to subsidize the impact of international oil prices as the increase in petroleum prices would not only affect the overall economic performance but would also intensify the hardships for businesses and the masses who were already overburdened because of inflation and their budgeting would be further disturbed due to hike in petroleum prices and also the electricity tariff.
“The current government has always desired that the cost of doing business is reduced but all these steps are in contrast to the policy of the government as the nation nowadays suffers badly due to frequent hikes in petroleum prices, electricity & gas tariffs and other utilities in addition to fluctuating exchange rates and higher duties on imports”, Chairman BMG added in a statement issued here on Saturday.
He further pointed out that it was a matter of grave concern that the winter season has not yet arrived in Karachi but gas supply to CNG stations has been suspended for 10 consecutive days which was really worrisome.
He said: “We are well-aware that the international oil prices were on the higher side but the impact must not be passed on to the public as done in the past. The petrol and diesel prices in Pakistan peaked at Rs87 and Rs65 per liter during the historically highest ever international crude price of $147.27 per barrel in July 2008 and now when it was around US$85, the petroleum prices have been raised to a whopping Rs137.79 per liter which was beyond our understanding.”
Referring to severe devaluation of Pakistani rupee against dollar, Zubair Motiwala said that the rupee was seen devaluating by approximately 12.4 percent against US Dollar from Rs152.30 on May 17, 2021 to around Rs171.20 as on October 16, 2021. “Severe devaluation of rupee has raised the cost of doing business and fostered the inflation, therefore, it is really crucial to review the current strategies being pursued by the economic managers.”
“The government needs to understand that the share of exports in GDP stood at 8 percent while the rest of 92 percent was local trade and imports hence the devaluation is hurting and has reached to a level where it has become unbearable”, he added.
He stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the rising petroleum prices and excessive devaluation will continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the poor poorer due to unbearable inflation. “The inflation monster needs to be effectively controlled.”
He further opined that increase in electricity tariff was probably due to ‘Take or Pay Agreements’ with the Independent Power Producers (IPPs) so the brunt of the policy should not be put on the people of Pakistan.
He also underscored that the import substitution industries, SMEs, Small Traders and Shopkeepers who were the backbone of economy cannot bear such shocks. The federal and provincial governments must help them out by providing loans at zero percent interest rate for their survival otherwise they will become bankrupt.
He hoped that the Federal Government would realize the gravity of the situation and accordingly take steps to stop further devaluation of rupee against dollar and also look into the possibility of subsidizing petroleum prices as done in the past.
Meanwhile, President KCCI Muhammad Idrees, while appreciating the Sindh Government’s decision to lift the restriction imposed on carrying out businesses on Sunday which was earmarked as Safe Day, stated that the business community was very happy to see that Chairman Businessmen Group Zubair Motiwala fulfilled his commitment to small traders/ shopkeepers within 24 hours by successfully convincing the Sindh government to allow business activities on Sunday.
“KCCI warmly welcomes Sindh Government’s notification in which businesses have been allowed to operate on Sunday which would certainly help in minimizing the grievances being suffered by shopkeepers who underwent severe losses due to COVID-19 pandemic and subsequent lockdowns”, he added.
He said that by promptly and affirmatively responding to Chairman BMG’s request, Chief Minister Sindh has proved that the Sindh government was undoubtedly a peoples’ friendly government which despite so many challenges, tries its best to somehow provide relief to the public whenever possible.
